Apple Needs a New Product, Not Just an Updated iPhone

NEW YORK (TheStreet) -- Shares of Apple (AAPL) were slightly higher in early afternoon trading on Tuesday, the day after The Wall Street Journal reported that it was testing 10 different prototypes for the iPhone 8. The new phone model is expected to be released in 2017, the iPhone's 10th anniversary.

Some possibilities include a curved screen, glass casing or an edge-to-edge screen, according to the Journal.

Apple is coming out with this product because it needs to reinvent itself, said Fox Business' Ashley Webster on "Varney & Company" on Tuesday. People are expecting and wanting Apple to release a unique product, he added.

The tech giant needs to reestablish growth by creating something new, agreed Rosecliff Capital's Michael Murphy on the show. "Updating the iPhone from a 6 to a 7 to an 8 isn't innovation."

Apple stock is off its recent highs, and investors may want to consider whether the stock is a growth story before buying it, Murphy suggested.

The iPhone 8 design update already sounds "more aesthetic than it is functionality," said Fiscal Times columnist and show guest Liz Peek. The fact that Apple still has 10 prototypes to test at this point "doesn't seem very promising," she added.

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